央行官员表示，将按照中央政治局会议精神，加紧实施更加积极有为的宏观政策，用好用足适度宽松的 货币政策，根据国内外经济形势和金融市场运行情况，适时降准降息。 人社部官员表示，将加快推出增量政策，对企业加大扩岗支持，对个人加大就业补贴支持，对受关税影 响较大的企业提高失业保险稳岗返还比例等。 商务部官员表示，将聚焦广大企业需求，及时解决困难问题，以钉钉子精神抓好已经出台的稳外贸政策 落地见效。 每经记者 郑步春 每经编辑 彭水萍 周一A股表现稍弱，各大股指普跌，全市场超4100个股下跌。截至收盘，上证综指跌0.2%至3288.41 点；深综指跌0.93%，创业板综指跌1.01%，科创50指数跌0.17%，北证50指数跌1.78%。全A总成交额 为10768亿元，较上周五的11370亿元略有萎缩。 银行、钢铁、电力等红利股表现较好，PEEK材料、游戏、珠宝首饰、培育钻石等板块表现也相对较 好。旅游酒店、食品饮料、乳业等消费类个股表现较弱，房地产板块也普跌。 周一上午国新办举行新闻发布会，发改委官员表示，更好发挥内需主动力作用，具体思路和方法也非常 明确，就是增加中低收入群体收入、大力提振消费，扩大有效投资，做强国内 ...

216 | 中共中央政治局会议:要加紧实施 习近平:做好 更加积极有为的宏观政策 Financial Weekly 4月28日 每周金融评论 00 Financial Weekly 每周金融评论 | 目录 CONTENTS 热点聚焦 FOCUS ◎ 习近平:做好科技金融文章 MEETINGS ◎ 中共中央政治局会议:要加紧实施更加积极有为的宏观政策 POLICES ◎ 中国人民银行等联合印发《上海国际金融中心进一步 提升跨境金融服务便利化行动方案》 EVENTS ◎ 商务部等六部门: 下调离境退税起退点 ■要数字 DATA ◎ 由降转增! 一季度规模以上下业个业利润同比增长0.8% 刻 深 展 想 前 盯警 Ani a H2 3 清华金融评论 ■ 专注于经济金融政策解读与建言的智库型全媒体平台 5 元/篇 36 电子刊 纸质刊 热点聚 焦 习近平：做好科技金融文章 中共中央政治局4月25日下午就加强人工智能发展和监管进行第二十次集体学习。中共中央总书记习近平在主持学习时强调，面 对新一代人工智能技术快速演进的新形势，要充分发挥新型举国体制优势，坚持自立自强，突出应用导向，推动我国人工智能朝 着有益、安全、公平 ...

点评： 1、一季度国内经济实现"开门红"，二季度将实施更加积极有为的宏观政策 会议对当前经济形势做出研判，指出"我国经济呈现向好态势"，但同时，"经济持续回升向 好的基础还需要进一步稳固，外部冲击影响加大"。从数据来看，2025年一季度GDP增长5.4%， 增速高于市场预期和全年增长目标，国民经济实现良好开局，经济面修复改善。宏观政策方面， 会议强调"要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货 币政策"。财政政策方面，4月财政部启动今年1.3万亿元超长期特别国债和5000亿元中央金融机构 注资特别国债发行，加之会议提出"加快地方政府专项债券、超长期特别国债等发行使用"，预 计未来一段时间地方政府债券还会保持较快发行节奏。总体看，国内财政政策空间充足。货币政 策方面，由于一季度经济超预期，4月LPR继续保持不变。此外，目前我国经济修复动能呈现增强 趋势，A股市场整体表现较为韧性，人民币汇率短期面临一定压力，所以短期宽货币政策或有所 延后。但与此同时，受外部经贸环境变化影响，宏观政策助力稳增长的必要性上升，4月央行MLF 净投放达到5000亿元，为连续第二个月加量续作，此次会议也延 ...

沪铜产业日报 2025/4/28 | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | | 期货主力合约收盘价:沪铜(日,元/吨) | 77,580.00 | +140.00↑ LME3个月铜(日,美元/吨) | 9,375.00 | +15.00↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 230.00 | +50.00↑ 主力合约持仓量:沪铜(日,手) | 165,067.00 | -866.00↓ | | | 期货前20名持仓:沪铜(日,手) | -11,156.00 | +3471.00↑ LME铜:库存(日,吨) | 203,450.00 | +25.00↑ | | | 上期所库存:阴极铜(周,吨) | 116,753.00 | -54858.00↓ LME铜:注销仓单(日,吨) | 77,250.00 | +1200.00↑ | | | 上期所仓单:阴极铜(日, ...

铝类产业日报 2025/4/28 电解铝观点 总结 美联储开始进入静默期，市场普遍预期，美联储利率决议将连续第三次维持利率不变。国内方面，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议强 调，"适时降准降息，保持流动性充裕，加力支持实体经济"。财长蓝佛安：中国将采取更加积极有为的宏观政策。基本面上，电解铝供给端，国内电解铝厂复产完成， 在运行产能及开工率皆保持高位运行，加之成本端略有下移，整体生产意愿较强，供给稳定。电解铝供给端，冶炼厂利润情况较好，前期部分因亏损而停减产的情况已复 产完成，令国内在运行产能小幅提升，国内供应量相对充足。需求端，在国际贸易环境受阻的背景下，下游铝材加工企业或将更多受益于扩内需政策的作用，由终端消费 行业的发力拉动下游需求增长。库存方面，国内电解铝社会库存降库节奏继续，下游开工及需求回升，库存稳步去化。总体来看，电解铝基本面或将处于供需双增、稳步 去库的阶段。期权方面，购沽比为0.61，环比+0.0163，期权市场情绪偏空，隐含波动率略降。技术上，60分钟MACD，双线位于0轴上方，绿柱收敛。操作建议，轻仓 震荡交易，注意控制节奏及交易风险。 重点关注 数据来源第三 ...

Investment Rating - Strongly Recommended (expected to outperform the market by more than 20% within 6 months) [55] Core Insights - The Central Political Bureau meeting emphasized responding to external uncertainties with high-quality development, focusing on stabilizing employment, enterprises, markets, and expectations while implementing proactive macro policies [4][13] - Strengthened regulation of universal insurance aims to address existing issues and promote healthy market development through a comprehensive regulatory framework [5][16] - The China Securities Regulatory Commission introduced unified regulations for information disclosure exemptions, enhancing transparency and protecting investor rights [6][20] Summary by Sections Political Bureau Meeting - The meeting highlighted the need for high-quality development to counter external uncertainties, with a focus on stabilizing key economic factors and implementing proactive fiscal and monetary policies [4][13] - Emphasis on enhancing consumer spending and supporting struggling enterprises while managing risks in key sectors [13] Universal Insurance Regulation - The National Financial Supervision Administration issued a notice to strengthen the regulation of universal insurance, focusing on product management, account management, and sales practices [5][16] - A one-year transition period is provided for existing policies that do not meet new requirements, ensuring market stability [16] Information Disclosure Regulations - The CSRC's new regulations clarify the types of information that can be exempted from disclosure, balancing the need for confidentiality with investor rights [6][20] - Companies are required to maintain accurate and complete disclosures, with strict internal procedures for managing disclosure exemptions [20] Industry News - The banking sector saw a net injection of 740 billion yuan through open market operations, with SHIBOR rates declining [38][39] - The securities market experienced a weekly average trading volume of 13.4 trillion yuan, reflecting a slight decrease from the previous week [42] - The insurance sector's ten-year government bond yield increased by 0.84 basis points, indicating market trends [50]

Report Overview - Report Name: Weekly Report on the Stock Index Futures Market - Research Institution: Huajin Futures Research Institute - Date: April 28, 2025 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - In the short - term, the index may rebound, and investors are advised to mainly wait and see [4]. - Currently, the basis rate of stock index futures is at a high level, and there are reverse arbitrage opportunities for CSI 300 and CSI 1000 index futures [7]. 3. Summary by Directory 3.1. Stock Index Futures Macro and Market Outlook - **Domestic News**: The Political Bureau of the CPC Central Committee held a meeting, stating that the economy shows a positive trend this year and emphasizing more active macro - policies, including fiscal and monetary policies [4]. - **Overseas News**: European central bank governors are more confident about a 25 - basis - point interest rate cut in June due to stagnant business growth, slowing wage growth, and continuous decline in inflation in the eurozone [4]. - **Market Performance**: The CSI 300 index fluctuated narrowly with low trading volume last week. In the past 5 trading days, the net outflow of main funds was 54.3 billion yuan, and the margin trading funds decreased by 1.2 billion yuan [4]. - **Technical Analysis**: The CSI 300 index is below the 40 - day moving average, with short - term trading volume shrinking and medium - to - long - term valuations at a medium - low level [4]. 3.2. Stock Index Futures Quotes and Basis - **Futures Performance**: IF2506 rose 0.82% to 3739.2, IH2506 fell 0.21% to 2628, IC2506 rose 1.83% to 5498.6, and IM2506 rose 2.56% to 5786.6 last week [6]. - **Price and Basis**: Stock index futures fluctuated after a rebound, with low market trading volume. The current basis rate of stock index futures is at a high level, and there are reverse arbitrage opportunities for CSI 300 and CSI 1000 index futures [7]. - **Historical Returns**: Since 2024, large - cap stocks in the SSE 50 have risen 15.56%, and small - cap stocks in the CSI 1000 have risen 1.45% [7]. 3.3. Stock Index Macro and Earnings Growth - **Macro Data**: In March, the manufacturing PMI was 50.5, above the boom - bust line; the interest rate was 1.67%, below 3%; and the year - on - year growth rate of M2 was 7% [10]. - **Profit Situation**: The year - on - year net profit of A - share enterprises in the first three quarters turned from decline to increase, and the net profit of the CSI 300 rose year - on - year [10]. - **Interest Rate**: The yield of 10 - year treasury bonds was 1.67%, up 1 BP from last week [10]. 3.4. Stock Index Capital and Valuation Changes - **Fund Flows**: The margin trading balance of A - shares decreased by 1.2 billion yuan in the past 5 trading days, and the net outflow of main funds of A - shares totaled 54.3 billion yuan in the past 5 trading days [13]. - **Valuation**: The overall index valuation is at a medium - low level. For example, the rolling price - to - earnings ratio of the CSI 300 index is 11.64, and the percentile is 36% [11][13]. 3.5. Stock Index Fundamental and Technical Analysis - **Technical Analysis**: The CSI 300 index is below the medium - to - long - term moving average, with declining trading volume and short - term fluctuations (neutral) [16]. - **Fundamental Analysis**: The medium - to - long - term monetary policy is loose, with low interest rates, and the domestic economy is weakly stabilizing (bullish); A - share earnings in the first three quarters increased year - on - year (bullish); margin trading funds decreased, and main funds had a short - term net outflow (bearish); the current valuation is still at a medium - low level, which supports the stock index in the medium - to - long - term (bullish) [17]

图片来源/新华社 胡敏说，这次中央政治局会议专门强调了党员干部要"迎难而上、主动作为，树立和践行正确政绩观"。这一要求放在当前全党正在开展深入贯彻中央八项 规定精神学习教育和应对当前风险挑战的双重背景下，意味深长。中央强调各级领导干部要"统筹国内经济工作和国际经贸斗争"，那么，党员干部是否有 勇有谋、能否迎难而上、能否真正解决实际问题，而不是畏难踟蹰，或满足于表面文章，正是对政绩观的切实检验。对各级干部来说，必须跳出惯性思 维、既往路径的桎梏，敢于、善于用改革创新的办法真正解决复杂问题应对复杂局面，才能确保以高质量发展的确定性应对外部环境急剧变化的不确定 性，才能打开事业发展的新局面。 总 监 制丨王 辉 车海刚 监 制丨陈 波 王 彧 杨玉洋 胡敏分析，去年末中央经济工作会议和今年两会已经对全年经济工作做出明确部署，坚持以稳中求进、以进促稳、守正创新，实施更加积极有为的宏观政 策等为工作基调。随着一揽子增量政策加力施效，今年一季度我国经济实现5.4%的超预期增长的好成绩。但进入4月份以来，我国发展的外部环境急剧变 化，随着特朗普政府对华实施高额关税等极限施压，我国进出口形势将面临更大冲击，我国沿海地区一大批 ...

交易咨询资格号： 2025 年 4 月 28 日 证监许可[2012]112 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2025/4/28 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | | | 铁矿石 | 焦炭 | 甲醇 | | | 交易咨询从业证书号：Z0013759 | | 红枣 | 焦煤 | 热轧卷板 | | | | | 液化石油气 | 沥青 | 螺纹钢 | | | 研究咨询电话： | | 工业硅 | 原油 | 苹果 | | | | | 多晶硅 | 氧化铝 | 铝 | | | 0531-81678626 | | 塑料 | 碳酸锂 | 三十债 | | | 客服电话： | | 铁矿石 | 橡胶 | 十债 | | | | | | 尿素 | 热轧卷板 | | | 400-618-6767 | | | 烧碱 | 螺纹钢 | | | | | | 纸浆 | 燃油 | | | 公司网址： | | | 玻 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The Chinese government will implement more proactive macro - policies, including fiscal and monetary policies, to support the real economy [2]. - China's economy started well in Q1 2025, with GDP growing by 5.4% year - on - year. The financial system remained stable and the financial market showed strong resilience [3]. - From January to March, the profits of industrial enterprises above designated size turned from a decline to an increase, and nearly 60% of industries saw profit growth [3]. 3. Summary by Relevant Catalogs Hot News - The Politburo emphasized proactive macro - policies, including possible reserve requirement ratio and interest rate cuts [2]. - An explosion occurred at a port in Iran, causing 25 deaths [2]. - China is accelerating the pilot reform of automobile circulation and consumption [2]. - China's Q1 GDP grew by 5.4% year - on - year, and the financial system remained stable [3]. - From January to March, industrial enterprise profits turned from decline to growth, and manufacturing profits improved significantly [3]. Plate Performance - Key focus: hot - rolled coil, rebar, rapeseed meal, soybeans, PTA, and Shanghai gold [4]. - Night - session performance: different commodity futures had various price changes, with precious metals rising by 29.89%, coal - coking - steel - ore by 13.58%, and non - metallic building materials by 2.78% [4]. Asset Performance - Different asset classes had different performance. For example, among equities, the S&P 500 rose 0.74% daily, while among commodities, London spot gold rose 6.27% monthly and 26.47% annually [8].